Essential Elements of a Valid Contract 2

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Real Estate Contracts

Section 13 of 45

Legality of Object. The contract must be for a legal purpose.Example: You cannot write a valid contract to sell a house that is used as a meth lab if the contract includes the meth lab equipment. The court will not enforce illegal acts.D. Consideration. Something of value given in exchange for a promise.There are 2 Types: of Consideration: 1. Valuable Consideration: Money, property, or a promise to pay.2. Good Consideration: "Love and affection" (used when gifting a house to a child).